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3M and Illinois Tool settle lawsuit
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ST. PAUL, Minn. - 3M Co., which makes Post-It notes, Scotch tape and other products, said Wednesday it has reached an agreement with Illinois Tool Works Inc. on patent infringement litigation.
3M filed the lawsuit in 2006 in U.S. District Court for the District of Minnesota hoping to protect its patent covering paint preparation products.
Under the settlement, ITW acknowledges the validity and enforceability of 3M's patent and has taken a license under 3M patents.
In addition, 3M will supply a portion of ITW's DeKups system in the future.
A representative for ITW could not be reached immediately for comment.
Shares of ITW slipped 68 cents to $34.02, and shares of 3M rose 43 cents to $66.04.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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